Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme

Central government has newly launched Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme for the Goods and Service Tax (GST) payers in the country. Under this scheme, registered tax payer with an aggregate turnover up to Rs. 5 cr. is eligible to file the return quarterly. The beneficiaries will also be able to make the tax payments monthly. This scheme will be applicable to only those tax payers who have filled their October GSTR-3B return by November 30, 2020. This scheme is launched to help the tax payers to clear the arrears as well as lessen the financial burden of tax payment.

Scheme Overview:

Scheme Objectives and Benefits:

• The main objective of the scheme is to provide ease to the tax payers in the payment of Goods and Service Tax
• This scheme will enable the tax payers to make the easy monthly installments of GST
• This scheme is mainly beneficial for the small tax payers with turnover less than Rs. 5 cr.
• Availing this scheme is kept optional as per the preference of the tax payers
• It will enable the tax payers to lessen the financial burden
• It tends to relieve the tax payers from the economic crisis in the pandemic situations all over

Eligibility:

• A registered GST payer with an aggregate turnover up to Rs. 5 cr. in the exceeding financial year
• The person should have filled GSTR-3B by November 30, 2020
• In case the aggregate turnover exceeds Rs. 5 cr. in any quarter of the year then the beneficiary will be excluded from the scheme benefits from the next quarter

Scheme Details:

• Central Government has launched ‘Quarterly Return Filing and Monthly Payment of Taxes’ scheme for the Goods and Service Tax payers in the country
• This scheme will come into effect form January 1, 2021
• Under this scheme the tax payers get a facility of filing the GSTR-1 and GSTR-3B returns quarterly (starting from the 1^st quarter, January-March) and paying the taxes monthly
• The registered person whose annual turnover in the preceding year is up to Rs. 5 cr. is eligible under this scheme
• This scheme can be availed based on GSTIN
• Taxpayers wishing to opt for the scheme should indicate the same on the GST portal any time between the 1^st of second month of the preceding quarter till the last day of the first month of the quarter when the option is to be exercised
• Tax payers may use Invoice Furnishing Facility (IFF) to upload their invoices
• Once the option is exercised then the returns are to be filed every quarter for all the tax periods
• Anytime if the aggregate turnover increases Rs. 5 cr. then the person will be excluded from the scheme form the next immediate quarter
• Taxes can be assessed as a monthly liability or 35% of net cash liability of the previous quarter
• This scheme tends to provide ease to the tax payers in the payment of Goods and Service Tax
• Availing this scheme is kept optional at the preference of the tax payers